Consensus based on estimates of brokers who have provided forecasts to Visible Alpha. Columns, as denoted, represent the median, average, highest and lowest analyst estimates for each line item. Total values may not tie to the sum of components.
| H1 2024E | 2024E | 2025E | 2026E | 2027E | ||||||||||||||||
| Median | Avg. | Low | High | Median | Avg. | Low | High | Median | Avg. | Low | High | Median | Avg. | Low | High | Median | Avg. | Low | High | |
Closing FPAUM (€bn) | 127.5 | 128.9 | 109.2 | 142.5 | 142.5 | 143.4 | 141.2 | 147.0 | 144.0 | 144.3 | 140.2 | 147.6 | 149.7 | 149.9 | 144.1 | 155.8 | 153.5 | 156.1 | 137.8 | 173.7 |
| ||||||||||||||||||||
| Management fees | 501 | 502 | 448 | 546 | 1,236 | 1,235 | 1,184 | 1,269 | 1,422 | 1,431 | 1,412 | 1,480 | 1,443 | 1,454 | 1,402 | 1,509 | 1,439 | 1,438 | 1,367 | 1,497 |
| (+) Performance related earnings (PRE) | 88 | 89 | 48 | 150 | 216 | 215 | 195 | 230 | 547 | 518 | 393 | 606 | 647 | 604 | 398 | 678 | 678 | 703 | 592 | 934 |
| (+) Other operating income | 2 | 2 | 2 | 4 | 3 | 4 | 3 | 8 | 3 | 5 | 3 | 13 | 3 | 5 | 3 | 15 | 4 | 6 | 3 | 17 |
| Adjusted revenue | 599 | 592 | 535 | 635 | 1,454 | 1,452 | 1,409 | 1,493 | 1,965 | 1,950 | 1,827 | 2,035 | 2,088 | 2,065 | 1,911 | 2,136 | 2,146 | 2,147 | 1,964 | 2,362 |
| (-) Personnel expenses | (166) | (167) | (156) | (180) | (362) | (357) | (319) | (399) | (425) | (407) | (334) | (469) | (451) | (435) | (350) | (500) | (479) | (471) | (398) | (528) |
| (-) Other expenses | (73) | (73) | (66) | (79) | (162) | (164) | (153) | (192) | (186) | (188) | (165) | (247) | (198) | (201) | (174) | (267) | (208) | (220) | (182) | (289) |
| Adjusted EBITDA | 357 | 352 | 293 | 397 | 922 | 919 | 881 | 952 | 1,320 | 1,334 | 1,221 | 1,430 | 1,424 | 1,404 | 1,255 | 1,484 | 1,446 | 1,456 | 1,294 | 1,685 |
| (-) D&A | (17) | (16) | (15) | (18) | (35) | (34) | (31) | (35) | (35) | (35) | (35) | (37) | (35) | (36) | (35) | (39) | (35) | (37) | (35) | (41) |
| (-) Net finance charges | (20) | (17) | (20) | (9) | (40) | (37) | (40) | (28) | (40) | (38) | (40) | (25) | (40) | (37) | (40) | (13) | (39) | (31) | (40) | (3) |
| (-) Tax | (24) | (24) | (19) | (29) | (68) | (68) | (60) | (86) | (126) | (124) | (110) | (137) | (126) | (126) | (107) | (145) | (122) | (123) | (111) | (133) |
| Adjusted net income | 297 | 295 | 234 | 336 | 784 | 783 | 744 | 830 | 1,143 | 1,144 | 1,033 | 1,223 | 1,246 | 1,215 | 1,031 | 1,279 | 1,252 | 1,266 | 1,108 | 1,485 |
| Non-controlling interests | (10) | (9) | (4) | (16) | (27) | (27) | (15) | (35) | (24) | (24) | (19) | (32) | (29) | (31) | (23) | (44) | (21) | (21) | (14) | (28) |
| Adjusted shareholders net income | 287 | 286 | 224 | 329 | 752 | 757 | 711 | 814 | 1,124 | 1,119 | 1,012 | 1,198 | 1,215 | 1,185 | 993 | 1,241 | 1,233 | 1,245 | 1,087 | 1,464 |
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| Management fee earnings (MFE, €m) | 268 | 262 | 205 | 308 | 703 | 702 | 656 | 749 | 815 | 814 | 763 | 846 | 783 | 793 | 699 | 853 | 746 | 747 | 698 | 810 |
| Management fees % adj. revenue | 86% | 85% | 75% | 91% | 85% | 85% | 84% | 86% | 72% | 73% | 70% | 78% | 69% | 71% | 68% | 79% | 68% | 67% | 60% | 71% |
| MFE margin | 52% | 52% | 46% | 56% | 57% | 57% | 55% | 60% | 58% | 58% | 56% | 60% | 55% | 56% | 54% | 57% | 52% | 52% | 51% | 54% |
| Adj. EBITDA margin | 60% | 59% | 55% | 63% | 63% | 63% | 62% | 65% | 68% | 68% | 67% | 71% | 69% | 68% | 65% | 70% | 67% | 68% | 65% | 71% |
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Last updated 3rd September 2024
Full list of analysts covering CVC Capital Partners plc
Institution | Analyst |
ABN AMRO - ODDO BHF | Julian Dobrovolschi |
Autonomous | Isobel Hettrick |
Bank of America | Hubert Lam |
Barclays | Michael Sanderson |
BNP Paribas Exane | Arnaud Giblat |
Citi | Nicholas Herman |
Deutsche Bank | Sharath Kumar |
Goldman Sachs | Oliver Carruthers |
ING | Reg Watson |
J.P. Morgan | Angeliki Bairaktari |
Morgan Stanley | Bruce Hamilton |
Redburn Atlantic | Charles Bendit |
UBS | Haley Tam |